Shares of Trade Desk Inc (NASDAQ:TTD) are down 28.4% before the open at $12.65. The ad-tech company posted second-quarter earnings of 34 cents per share, below the 41 cents anticipated by analysts, on revenue of $715 million that also missed estimates of $751 million. Management cited weaker consumer spending, tariffs, and elevated oil prices as headwinds to growth.
TTD was flooded with bear notes after the event, with Raymond James downgrading the stock to "underperform" from "market perform," while BMO cut its rating to "market perform" from "outperform." Wedbush, Wells Fargo, Truist Securities, Needham, Susquehanna, and Scotiabank also slashed their price targets.
The steep premarket selloff adds to an already difficult year for the stock. Prior to today's move, TTD had lost 53.5% in 2026. Should these losses hold, the equity will open at its lowest levels since 2018.
Options traders had been leaning bullish heading into the report. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and Nasdaq OMX PHLX (PHLX), Trade Desk's 10-day call/put volume ratio of 1.84 ranks higher than 84% of annual readings.
